Property on Air Depot sells
An out-of-state investor, South Air Depot Industrial LLC, has bought a Class A multitenant industrial property at 6601 S Air Depot Blvd. from Richard Tanenbaum, who developed it in 2007.
Tim Strange, president of Newmark Grubb Levy Strange Beffort, and Brett Price, industrial specialist with the firm, handled the $7.6-million transaction. The 144,000-square-foot property is fully occupied with tenants including Boeing Corp. and PODS. The property received multiple offers, all from out of state, Price said.
“Large, class A, industrial facilities are in high demand in Oklahoma City,” Price said. “Industrial users are in search of facilities to expand their growing businesses and investors are looking for well-tenanted facilities.
“There remains a lack of quality properties available for sale or lease despite the growing demand. The industrial market is at the difficult juncture of having a need for quality space, but not quite to the point of developers being willing to construct spec space. I expect continued interest from industrial investors throughout the upcoming year. Stable rental rates, quality product and quality tenants are all key factors that will keep Oklahoma City on investor's radars.”
Edmond economic site opens
EDMOND — The Edmond Economic Development Authority has launched a new website — www.eeda.com — featuring a more user-friendly format for those looking to establish, expand or relocate their business to Edmond. The site was developed by Edmond-based Back40 Design.